Brookfield Asset Management Inc. and Forest City Realty Trust Inc. official complete the acquisition of Forest City by a Brookfield real estate investment fund. The transaction was approved at a special meeting of Forest City’s stockholders held in November.
Forest City’s diversified real estate portfolio is comprised of a number of iconic assets across major gateway U.S. cities. The portfolio, which features many natural synergies with Brookfield’s existing real estate operating business, includes 6.3 million square feet of high-quality office space, 2.3 million square feet of premier life sciences assets, 2.2 million square feet of retail space and 18,500 multifamily units.
In addition, according to a prepared release, the portfolio features five large-scale development projects in the New York Metro area, San Francisco and Washington, DC.
In connection with the closing of the transaction, Forest City’s existing common stock was delisted from the New York Stock Exchange at the close of business on December 7, 2018.
Brookfield Asset Management Inc. is a leading global alternative asset manager with over $330 billion in assets under management. Brookfield has more than a 115-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity.